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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net income $ 1,491 $ 1,345
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 208 210
Share-based compensation 140 139
Income taxes (192) 190
Contract acquisition costs (110) (126)
Merger-related charges (37) (117)
Working capital changes (233) (124)
Gain on asset dispositions (191) (30)
Other 67 108
Net cash provided by (used in) operating activities 1,824 1,751
INVESTING ACTIVITIES    
Capital expenditures (462) (155)
Dispositions 460 482
Loan advances (13) (85)
Loan collections 47 91
Other 49 (6)
Net cash provided by investing activities 81 327
FINANCING ACTIVITIES    
Commercial paper/Credit Facility, net 1,045 480
Issuance of long-term debt 443 1
Repayment of long-term debt (391) (305)
Issuance of Class A Common Stock 4 4
Dividends paid (404) (362)
Purchase of treasury stock (2,513) (2,105)
Share-based compensation withholding taxes (105) (144)
Net cash provided by (used in) financing activities (1,921) (2,431)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (16) (353)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 429 887
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 413 534
Liability for guest loyalty program    
Adjustments to reconcile to cash provided by operating activities:    
Liability for guest loyalty program $ 681 $ 156